GoodNews - Ben Murray-Bruce’s And AMCON Settles Dispute As Business Reopens

All appears to be well between Senator Ben Murray Bruce and the management of AMCON as all his businesses have now been reopened. Read a statement from the management of Silverbird Communications below…

The Management of Silverbird Communications Ltd, owners of Rhythm Fm and Silverbird TV sincerely apologise to its numerous viewers, Listeners and on line subscribers over the disruption of our operations across Television, Radio and online Media.

This was due to a situation beyond our control, however, we are pleased to inform you that we are back on air on Radio Television and on our on line platform. We thank you for your patience and understanding at this time. We remain committed to the provision of quality infotainment and premium service across our platforms.

N11bn Debt Fall Out, AMCON Takes Over Silverbird Galleria

The Assets Management Company of Nigeria (AMCON) has started taking over Ben Bruce’s possessions. As you read this, Nigerians near Silverbird Galleria have started taken pictures showing that AMCON indeed has taken over the property.

It all started following the failure of Senator Murray-Bruce and his brothers to settle an N11bn loan owed Union Bank and acquired by Asset Management Corporation of Nigeria (AMCON).

AMCON was established on July 9, 2010, as a key stabilizing and re-vitalizing tool for stabilising the nation’s financial system. Its enabling law empowers it to acquire non-performing loan assets of Nigerian banks at fair values and then put them to economic use in a profitable manner.

Murray Bruce and his brothers, using their companies, had between 2005 and 2007 borrowed various sums of money from Union Bank. After they repeatedly defaulted in paying back, AMCON purchased the loan in 2011 to save the bank from collapsing.

AMCON is now seizing the assets belonging to the three companies used in securing the loan – Silverbird Productions Limited, Silverbird Showtime Limited and Silverbird Galleria Limited.